Friday Watch

Night Trading 

• Asian equity indices are -1.5% to -.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 84.5 -2.0 basis points.

• China Sovereign CDS 46.5 unch.
  

• Bloomberg Emerging Markets Currency Index 58.68 unch. 
• Bloomberg Global Risk-On/Risk Off Index 2,699.0 -145.0 points.
• Volatility Index(VIX) futures 23.3 -1.6%.
• FTSE 100 futures -.34%.

• S&P 500 futures +.24%

• NASDAQ 100 futures +.28%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• None of note
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• Personal Income for Aug. is estimated to rise +.2% versus a +1.1% gain in July.
• Personal Spending for Aug. is estimated to rise +.6% versus a +.3% gain in July. 
• The PCE Core MoM for Aug. is estimated to rise +.2% versus a +.3% gain in July.
  

10:00 am EST

• Construction Spending MoM for Aug. is estimated to rise +.3% versus a +.3% gain in July.
• ISM Manufacturing for Sept. is estimated to fall to 59.5 versus 59.9 in Aug.
• ISM Prices Paid for Sept. is estimated to fall to 78.5 versus 79.4 in Aug.
  

Afternoon:

• Wards Total Vehicle Sales for Sept. is estimated to fall to 13.0M versus 13.06M in Aug.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The China Manufacturing PMI report and the Eurozone PMI report could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are lower, weighed down by commodity and financial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.